As Africa’s Fintech landscape evolves rapidly, driven by a dynamic ecosystem and a focus on closing the financial inclusion gap, Visa has been at the forefront of this transformation, leveraging its expertise and resources to support the growth of African Fintech startups
As a prominent player in digital payments, Visa has invested in Moniepoint Inc., a Nigerian business payments and financial services platform.
The investment represents a significant step forward in Visa’s commitment to improving financial inclusion and shaping the future of digital payments, as well as promoting SME growth throughout Africa.
Read:Moniepoint Enhances Financial Access with New Collaborations
Moniepoint (formerly known as TeamApt) was founded in 2015 by Tosin Eniolorunda and Felix Ike and has since established itself as a leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), providing an integrated suite of services such as digital payments, bank accounts, credit, foreign exchange (FX), and management tools. The platform performs over 1 billion transactions every month, with a total payment volume of $22 billion, allowing businesses to automate their operations and thrive in Africa’s fast-changing economy.
With this investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent. Moniepoint’s profitable and scalable business model, alongside its strong operational and financial track record, has positioned it as a transformative force in the African fintech ecosystem.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said: “We are thrilled to announce Visa’s investment in Moniepoint. Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale. Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy. Given that about 83% of employment across Africa is in the informal economy, we are very keen to widen access and participation in the formal financial system and drive economic growth across Africa.”
He continued, “Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem. We are delighted in joining forces with Visa to enhance the digital payment infrastructure, expand financial services, and foster innovation in Africa.”
Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, added: “Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development. By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation.”
“Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa. We will enable even the smallest businesses to thrive through innovative payment and software solutions that allow SMEs to scale and open new revenue opportunities while streamlining their operations.”
Moniepoint has experienced exponential growth since its founding in 2015, with revenues increasing by over 150% CAGR in recent years. The company’s efforts to expand access to financial services align closely with Visa’s mission of enabling individuals and businesses to thrive in the global economy.
Congratulating both parties, the Nigerian Investment Promotion Commission (NIPC) celebrates this strategic investment in Moniepoint, highlighting it as proof of Nigeria’s attractiveness for investors due to its favorable business climate. Furthermore, the NIPC praised Moniepoint as an exemplar of Nigerian excellence, contributing significant value to the global financial ecosystem. The Commission emphasized its commitment to supporting investors and fostering economic cooperation in finance and technology to help Nigeria reach its full economic potential.
This partnership combines Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities. Together, Moniepoint and Visa aim to accelerate the digital transformation of African SMEs, driving financial inclusion and long-term economic prosperity.
